TARP marred by waste and abuse. Surprised?

From an editorial at the IBD, turns out that an essential part of the U.S. Governments formal bailout plan, TARP, is being tainted by abuse and waste.

Surprised?  Hardly.  Here is what the article has to say:

When that happens, please remember this: The TARP’s inspector general has formally advised the Treasury Department to force all TARP recipients to account for how they use TARP money. And the Treasury has refused. It’s an open invitation for further fraud.

Remember all the calls last year for “greater transparency” in the banking industry? Now, the government won’t even take its own advice on that.

Already, TARP has become a money-losing boondoggle for Congress. Elizabeth Warren, who heads the Congressional Oversight Panel for TARP, estimates that the government has already lost $104.2 billion on the TARP program.

Tagged as: economy, Investing, Obama, recession, TARP